Canadians Are Going Broke! – Interest Rates Are Going Up

Josh Sigurdson talks with author and economic analyst John Sneisen about the recent findings following the quarterly MNP Consumer Debt Index Survey showing that 43% of Canadians say they’re feeling the effects of higher interest rates.
47% of Canadians polled say they don’t think they’ll be able to cover their expenses in a year without going into further debt.
33% believe rising interest rates will push them into bankruptcy!
This happens as household debt reaches 1.8 trillion dollars, nearly $23,000 a person. The Bank For International Settlements just warned that Canada is one of three economies in the world most at risk of a banking crisis alongside China and Hong Kong.
The dollar is continuing to see vast manipulation to prop up that which should not be propped up. The Canadian dollar will crash one way or another. All fiat currencies eventually revert to their true value of zero. They always have, they always will going back to 1024AD in China. The fundamentals are off the table due to the level of manipulation in both the monetary system and the markets, so we cannot put a date on it, but we know it will indeed happen. Manipulation like we’re seeing with the interest rates that the Bank of Canada is desperate to stop from dropping into negative territory.
The level of debt bestowed upon the populace is astronomical and exactly why individuals must be self sufficient and financially responsible. It has never been more important.
Canadians face vast regulations, taxes on basically everything, inflation, crazy laws and let’s not forget that the banks are still insolvent and never recovered from the last recession which may not have hit Canada too hard, but will without a doubt be next to impossible to avoid next time around. As the crash is pushed off further, the inevitable crash becomes far more volatile and dangerous. The sooner, the better.

Stay tuned as we continue to cover these issues!

Video edited by Josh Sigurdson

Josh Sigurdson
John Sneisen

Graphics by Bryan Foerster and Josh Sigurdson

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  • InspireNewGeneration

    For those disagreeing this infor. You’ll be surprised how many people are living off pay check to pay check. I’m worry that people on government assistance will be affected most, such as disable people, natives(many of them are on welfare), seniors on pension…

  • armynorb

    Interest rates HAVE to go up… otherwise our economy is toast, we will face hyper-inflation AND no one will invest in Canada. People had gone into their irrational debt with BOTH eyes open and they have NO one to blame but themselves!

  • Kholke Holkepolke

    I’ve seen guys with trades (carpenters,welders,plumbers) in the homeless shelters. In most cases, the work is seasonal or merely not in demand. And, even when there’s demand, the pay isn’t ‘that’ good. The problem is simply that certain, vital market prices, are beyond ridiculous. I mean, what kind of work affords anyone a house? And, really, how much would the post secondary education cost them to get to that level. The markets are drastically overpriced. This in effect acts as a huge decentive to work, which is the primary cause to the growing youth unemployment rate. A huge correction is necessary and long overdue.

  • 123bangladesz

    In Poland we have a political party “WOLNOŚĆ” its libertarian party, they fight for liberty as YOU
    gentlemen! Geretings from Poland!

  • Al Dingman

    I don’t know how young people just starting out will make it through life. The Lieberals have run up an incredible debt, the interest rates are soaring, good jobs have gone overseas, illegal immigrants are taking jobs away from the young people, taxes and utilities are crazy, fuel prices are outrageous and the Lieberals think they’ve been doing a good job. News flash!!!! ,,,,,,,,,,the lying thieving Lieberals have put this country in harms way.

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